Moody's has pronounced Brasil's debt as sound as India's...and raised Brasil's credit rating one notch... to Baa2...an investment grade level.
The central bank has raised interest rates 5 times so far this year...currently at 12.25%...to curb credit growth.
The economy grew by 7.5% last year.
Brasil's banks project double digit increases in credit growth this year...despite average interest rates of 39%.